Page 29 - Spending Side News Today

I think the fever is starting to break. >> absolutely. youre going to see it, i think, on immigration reform, and i think youre going to see it on spending and taxation. and you dont have to effect or change basic tax rates. as you know, theres all sorts of things you can do on so-called tax expenditures dealing with home mortgage deductions, state and local taxes. and also, theres things obviously on the spending side, entitlements and certain domestic spending. this isnt that hard. this is, if...

On immigration reform, and i think youre going to see it on spending and taxation. and you dont have to effect or change basic tax rates. as you know, theres all sorts of things you can do on so-called tax expenditure dealing with home mortgage deductions, dealing with state and local taxes. also theres things obviously on the spending side, entitlements and domestic spending, this isnt that hard. this is, if you will, a mini-package. this isnt necessarily on the scale of simpson-bowles. it does...

That families are facing? most of the impact will be the $400 billion in tax increases, this would be the single largest tax increase in american history. then you have the spending side as well which is significantly smaller but it will still have an impact on everybodys every day lives and certainly on the economy. when the economy is moving so slow the last thing we want to do is have a massive tax increase thats been projected for two years now, washington has known about this and it keeps g...

Continue to pledge to grover norquist, then there is a possibility that norquist may disappear. like the wicked witch of the west, that just melts away. that could be grover norquist. >> just throw water on the pledge, it just kind of melts. >> it may be melting before our eyes, but im just not sure yet. >> they say taxes -- theres more agreement there than people thought. its becoming about what will be the spending side. . what will republicans get to assure them they are going to get a deal t...

I believe in prayer when i go to church, back home, and if a buddhist monk is wishing me well, im going to take whatever good vibe hes can give me to try to deal with some challenges back home. im confident that we can get our fiscal situation dealt with. >> hopefully that will help. here with us now dean of columbia universitys business graduate school and former economic adviser to the romney campaign. glen hubbard. glen, you caught peoples attention last week when you said the first step to a...

Some taxes, not all people support raising all taxes. people do understand that we need to contribute to the tax base in terms of higher tax revenue and in terms of higher tax rates, at least on the highest marginal tax rates. at the same time you have a president that i think has already shown hes willing to compromise on the spending side. he has put on the table as recently as a year and a half, two years ago to do something to address medicare spending and social security. a lot of democrats...

Is nine more months to go. now, of that $195 billion, $150 billion comes from the middle class. $45 billion comes from those folks in the top 2% who obama wants to raise their taxes anyway. the next item, as you may remember, is a 2% payroll tax credit that people got as part of an anti-recession measure a couple years ago. that also expires, $116 billion coming out of consumers pockets. you have the alternative minimum tax which is this complex tax calculation that is hitting more and more of t...

Good thing is from the republican point of view, they will essentially be able to blame all of that on the democrats. then youre talking about a very different position from which to be negotiating because if you have the tax increases, at least you can then talk about well, maybe youre going to try and roll some of that back. it changes the dynamic. on the spending side, though, thats going to be very messy because actually the type of spending cuts that are coming in play are the automatic seq...

Able to get some concessions, but i think there will be a big budget deal next year, and it will be much moran obama budget deal than paul ryan budget deal. elections have consequences. karen capehart, did you expect anything this big this fast? bill kristol is influential with republicans in washington. im stunned with what im hearing? >> i almost fell out of my chair when boehner said revenues. the idea of increasing revenues. thats a central argument that we have been having over the last fou...

But i think there will be a big budget deal next year, and it will be much moran obama budget deal than paul ryan budget deal. elections have consequences. karen capehart, did you expect anything this big this fast? bill kristol is influential with republicans in washington. im stunned with what im hearing? >> i almost fell out of my chair when boehner said revenues. the idea of increasing revenues. thats a central argument that we have been having over the last four years, and the very expensiv...